Fast-Track Hands the Money Monopoly to Private Banks—Permanently

[marmar]

Fast-Track Hands the Money Monopoly to Private Banks—Permanently

Posted on Jun 13, 2015
By Ellen Brown, Web of Debt


In March 2014, the Bank of England let the cat out of the bag: money is just an IOU, and the banks are rolling in it. So wrote David Graeber in The Guardian the same month, referring to a BOE paper called “Money Creation in the Modern Economy.” The paper stated outright that most common assumptions of how banking works are simply wrong. The result, said Graeber, was to throw the entire theoretical basis for austerity out of the window.

The revelation may have done more than that. The entire basis for maintaining our private extractive banking monopoly may have been thrown out the window. And that could help explain the desperate rush to “fast track” not only the Trans-Pacific Partnership (TPP) and the Trans-Atlantic Trade and Investment Partnership (TTIP), but the Trade in Services Agreement (TiSA). TiSA would nip attempts to implement public banking and other monetary reforms in the bud.

The Banking Game Exposed

The BOE report confirmed what money reformers have been saying for decades: that banks do not act simply as intermediaries, taking in the deposits of “savers” and lending them to borrowers, keeping the spread in interest rates. Rather, banks actually create deposits when they make loans. The BOE report said that private banks now create 97 percent of the British money supply. The US money supply is created in the same way.

.....(snip).....

Recall the secret plan devised by Wall Street and U.S. Treasury officials in the 1990s to open banking to the lucrative derivatives business. To pull this off required the relaxation of banking regulations not just in the US but globally, so that money would not flee to nations with safer banking laws. The vehicle used was the Financial Services Agreement concluded under the auspices of the World Trade Organization’s General Agreement on Trade in Services (GATS). The plan worked, and most countries were roped into this “liberalization” of their banking rules. The upshot was that the 2008 credit crisis took down not just the US economy but economies globally.

TiSA picks up where the Financial Services Agreement left off, opening yet more doors for private banks and other commercial service industries, and slamming doors on governments that might consider opening their private banking sectors to public ownership. .............(more)

http://www.truthdig.com/report/item/fast-track_hands_the_money_monopoly_to_private_bankspermanently_20150613

[Jefferson23]

1. Defeat this and write/call your reps until it is. K&R

[marym625]

2. The more we learn, the worse it becomes

Why is anyone for this? Seriously! I have not seen any reason except to trust Obama. Really bad reason to support trade agreements or even the fast tracking of them

[FlatBaroque]

3. I suppose it makes sense why the President wants it kept secret. n/t

[marym625]

4. BINGO!